Honduras: Businesses Opposed to Bank Tax

The proposal to tax all banking transactions has been strongly rejected.

Thursday, June 23, 2011

The government aims to create $79 million to combat insecurity, which would be financed in part with proceeds from a tax of 0.2% on all transactions carried out in banks.

Industry representatives believe that this measure is excessive and that not all transactions should be taxed, as the financial cost to businesses would be very high.

In a report in Proceso.hn the president of the National Association of Manufacturers, Adolfo Facussé, "warned that the decree that is about to be passed by the National Congress can be challenged as unconstitutional, because you can not have double taxation in the country, it is forbidden. "

More on this topic

NO to Financial Transaction Tax

September 2020

In Costa Rica, the Alvarado administration would be considering the creation of a tax on each transaction that a person or company makes through a financial entity, a tax that will discourage savings and motivate people to use cash.

In order to discuss a medium and long term credit with the International Monetary Fund, the Costa Rican authorities would be planning to design and create a new tax, which consists of each person paying a tax of ¢3 for every ¢1.000 in the transactions they make through a bank, finance company, mutual fund, stock exchange or any other financial entity.

Costa Rica: Restrictions on Banking Transactions

March 2017

Companies that make or receive international transfers for amounts of over $50,000 per transaction will have to indicate the origin of the funds.

Banking entities have reached an agreement to amend the Self-Regulation Rules for Monitoring of International Transfers to Prevent Money Laundering and Terrorist Financing. The amendment was approved in October 2016, and banks will have to start  implementing the new measures in January this year.

Security Tax Causing Capital Flight

August 2012

Warnings from Honduran businesses about the flight of capital resulting from the application of the controversial tax on banking transactions (known in Spanish as the ‘Tason’), are coming true.

This is how representatives from Honduran companies explained things, after statements from President Porfirio Lobo recognized a reduction in revenue because of the "Tason".

Honduras: Tax on Transactions Greater than $3,000

June 2011

The resources are to be used to finance the country's security plans.

More than $79 million is expected to be raised by collection of the security tax, which will be charged on bank transactions that exceed $3,000.

This proposal arises from preliminary agreements reached by representatives, the executive power and businesses, as a measure to support the delivery of resources to address the security issues affecting Honduras.

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